Saemangeum Designated as Hub for 'National Growth Fund' 2nd Phase; 10 Trillion Won to Be Invested

To foster future growth engines, the government has designated the Saemangeum region in Jeonbuk province as the site for the 10 trillion won 'National Growth Fund' 2nd project. The initiative to establish key industrial complexes related to robotics, hydrogen, and artificial intelligence (AI) technologies is set to begin in earnest as early as May.

On the 14th, the Financial Services Commission (FSC) held the '2nd National Growth Fund Strategy Committee' and confirmed six sectors as the 2nd mega-projects. These include the Saemangeum Advanced Belt, next-generation bio/vaccines, OLED displays, future mobility/defense, renewable energy infrastructure, and Sovereign AI. Approximately 10 trillion won in funds will be supplied to these projects.

The Saemangeum Advanced Belt is a project to establish a hub integrating cutting-edge technologies such as robotics, hydrogen, and renewable energy. This action follows up on the Saemangeum Investment Agreement signed in February. The government plans to begin its first investment execution in May through various support methods, including direct investment and infrastructure financing.

Lee Eok-won, Chairman of the FSC, stated that as these projects are mostly located in provincial areas, they will contribute to revitalizing regional economies. Hyundai Motor Group announced in February a 9 trillion won investment in Saemangeum to foster robotics, hydrogen, and data centers.